Nov.22 (GMM) There are worrying signs for the future of the new Korean Grand Prix, with organisers admitting yet another big financial loss for the October race.

Start: Mark Webber, Red Bull Racing leads
Start: Mark Webber, Red Bull Racing leads

Photo by: xpb.cc

The 2012 edition of the Yeongam event was the third since 2010, and all of them have recorded big losses.

The latest loss is $36 million, according to the Yonhap news agency.

"Just because the loss was reduced, I am not sure we can call this year's race a success," said South Jeolla council member Seo Dong-wook.

"We will need to take some fundamental steps to change it."